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Chancellor Reeves has stated she is planning "specific steps to tackle household expense pressures" in the upcoming financial statement.

In comments to the BBC, she noted that curbing inflation is a shared responsibility of both the administration and the Bank of England.

The United Kingdom's price growth is projected to be the most elevated among the Group of Seven advanced economies this calendar year and next.

Possible Utility Bill Measures

Sources suggest the government could intervene to reduce utility costs, such as by cutting the present 5% rate of VAT charged on energy supplies.

Another possibility is to cut some of the government charges currently included in bills.

Fiscal Limitations and Analyst Predictions

The administration will receive the latest draft from the independent fiscal watchdog, the Office for Budget Responsibility, on the start of the week, which will reveal how much scope there is for such actions.

The expectation from most analysts is that Reeves will have to introduce higher taxes or budget cuts in order to adhere to her voluntary borrowing rules.

Previously on Thursday, calculations indicated there was a £22bn shortfall for the Treasury chief to resolve, which is at the lower end of expectations.

"There's a collective responsibility between the Bank of England and the government to further reduce some of the drivers of price increases," Reeves informed the BBC in Washington, at the conferences of the IMF and global financial institution.

Tax Commitments and Global Issues

While much of the focus has been on probable tax rises, the chancellor said the latest figures from the fiscal watchdog had not altered her vow to campaign commitments not to raise rates on earnings tax, VAT or National Insurance.

She attributed an "uncertain world" with rising geopolitical and commercial concerns for the fiscal revenue measures, likely to be directed on those "most able to pay."

Global Economic Disputes

Commenting on concerns about the UK's commercial links with China she said: "The UK's security interests invariably take priority."

Last week's announcement by China to tighten trade restrictions on rare earths and other resources that are crucial for high-technology manufacturing led US President Donald Trump to threaten an extra 100% tariff on imports from the Asian country, raising the risk of an all-out trade war between the two largest economies.

The US Treasury Secretary described China's move "commercial pressure" and "a international production control attempt."

Questioned on accepting the US offer to join its dispute with China, Reeves said she was "deeply worried" by China's actions and encouraged the Beijing authorities "not to put up barriers and limit trade."

She said the action was "bad for the global economy and creates further headwinds."

"I believe there are areas where we should address China, but there are also important opportunities to sell into Chinese markets, including banking sector and other sectors of the economy. We've got to get that balance correct."

The Treasury chief also affirmed she was cooperating with other major economies "on our own essential resources strategy, so that we are less reliant."

NHS Medicine Costs and Investment

The Chancellor also admitted that the price the National Health Service pays for medicines could increase as a result of ongoing discussions with the US government and its drugs companies, in return for reduced taxes and investment.

A number of the biggest global drug companies have said lately that they are either halting or canceling operations in the United Kingdom, with several blaming the low prices they are receiving.

Last month, the government science advisor said the price the NHS pays for drugs would must rise to halt firms and drug research funding departing from the UK.

Reeves told the BBC: "We have seen as a result of the cost structure, that clinical trials, innovative medicines have not been provided in the UK in the extent that they are in other European countries."

"The objective is to ensure that individuals receiving treatment from the NHS are able to receive the best critical medicines in the world. And so we are reviewing these issues, and... looking to secure more funding into Britain."